What would happen if we scrapped the income tax brackets and replaced it with a flat 15.3% income tax (carry, retire)

[freemkt]

Originally Posted by Finn_Jarber

Meaning? There would be no tax on used goods like second hand cars or homes, because someone has already paid the tax on them.

Millions of Americans are regulated out of buying a home, and therefore must pay a premium for housing which you want to tax.

[Robin Rossi]

Originally Posted by freemkt

Since millions of Americans are regulated out of home ownership, you would effectively impose a tax on the inability to buy a home.

That makes no sense.

[MTAtech]

Originally Posted by jim9251

A flat 10% across the board National Sales Tax. Do away with the Federal Income Tax. People would have more spending power, the economy would grow.

Why? Because you say so?

If this is a theory, quantify it.

[kidkaos2]

Originally Posted by VTHokieFan

Well for starters, it would at least collect as much as the payroll tax since that's a flat tax for the exact same percentage of just wages (up to a certain amount) that already brings in 950 billion. But due to the fact that there would be no income cap, plus gifts dividiends, capital gains, and other income etc would be taxed at that rate, I argue that just a 15.3% income tax with 0 deductions or exemptions would bring in more than our current individual income tax, not to mention it's fair.

What would happen is that the thousands of accountants, tax lawyers, bureaucrats, and IRS investigators whose jobs depend on the tax system being too complex for the average person to understand would lose their jobs. Therefore, while I certainly support a simplified tax system, I have no real hope of it actually happening.

At this point, administering the tax code is a multibillion dollar industry. That's not going away anytime soon.

[pknopp]

Originally Posted by workingclasshero

with taxing income . a good portion are avoiding taxes

No they aren't and since they aren't I didn't read further.

[Finn_Jarber]

Originally Posted by freemkt

Millions of Americans are regulated out of buying a home, and therefore must pay a premium for housing which you want to tax.

Which I want to tax? Pay a premium? I just told you that a second hand house would be tax free. I don't think you are reading the posts you reply to. Either that, or you are repeating someone else's words, but you don't know what they mean.

[VTHokieFan]

9 pages and liberals haven't come up with quantitative proof that the same tax rate for all is unfair. Please come up with your idea of fair. I told you that my idea of fair is treating everyone the same, and everyone paying the same proportion of income to the government.

[Robin Rossi]

Originally Posted by freemkt

Since millions of Americans are regulated out of home ownership, you would effectively impose a tax on the inability to buy a home.

That is utter nonesense, if not Balderdash, or, perhaps, Folderal.

[freemkt]

Originally Posted by Robin Rossi

Utter Gibberish, if not Foldral or even, possibly, Balderdash. Where, pray tell, did you come up with this load of BS??

Check your local zoning code. Property owners are not allowed to sell homes burger flippers can afford to buy. Millions of Americans pay a premium for housing because they can't buy a home.

[MTAtech]

Originally Posted by Robin Rossi

That makes no sense.

It makes plenty of sense. If one is buying a $300K house, the tax adds $45K to the cost, which then is amortized into the loan.